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UK Economy Showing Positive Growth

LONDON, September 29 (Reuters) – Revised official data released on Friday indicates that the UK’s economic performance during the COVID-19 pandemic has been significantly more robust than previously believed, surpassing the growth rates of Germany and France.

According to the Office for National Statistics, the UK economy in the three months ending June 2023 was 1.8% larger than in the final quarter of 2019, the last complete quarter before the pandemic’s onset. This marks a substantial upward revision from the ONS’s prior estimate on August 11, which suggested the economy was still 0.2% smaller than its pre-pandemic size, ranking it at the bottom among major advanced economies.

Expectations of an upward revision to the UK’s economic size had been widespread, following preliminary revisions by the ONS on September 1, which indicated that the economy was already 0.6% larger than its pre-pandemic size in the final quarter of 2021.

The UK’s relative economic performance post-pandemic and after its departure from the European Union has become a focal point of political discourse, particularly with a national election on the horizon.

Prime Minister Rishi Sunak, gearing up for the Conservative Party’s annual conference, took to social media, stating, “People doubted the strength of the UK economy – today’s data proves them wrong.”

Although the UK’s GDP growth of 1.8% over this period surpasses France’s 1.7% and Germany’s 0.2%, it still lags significantly behind the United States, which saw a 6.1% expansion, and also falls short of the growth rates in Japan, Italy, or Canada.

(Courtesy REUTERS)

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